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The global stevia market is dominated by the Asia Pacific and Europe, which together account for more than three-fifths of the total stevia market. Within the Asia Pacific, China is the largest producer of stevia, while Japan is the leading consumer in the region, where stevia accounts for almost 40% of the sweetener industry. Europe, on the other hand, relies on stevia imports to produce stevia products. The global stevia market is being driven by the increasing health concern among the consumers who are demanding healthy products. In Latin America and North America, the other significant regions, the burgeoning rate of obesity and diabetes is further aiding the market. The governments in these regions are discouraging the use of sugar by implementing levies on sugar and sugary products, thus, propelling the market forward.
Rising health concerns coupled with consumers’ demand for products which taste great as well, further aids the global stevia market. In May 2020, Sweet Green Fields (SGF) and Tate & Lyle PLC (LON: TATE) introduced ZOLESSE Natural Flavor, a new innovation, formulated to deliver great taste and meet consumers’ demand for clean-label ingredients. With the increasing use of plant-based zero-calorie sweeteners to manufacture different products in the food and beverage sector, the market is witnessing a healthy growth. PureCircle (LSE: PURE), a major player in the global stevia market, announced on March 2020 that the company has received the approval to expand the use and applications of its next-generation stevia leaf sweetener -- Reb M – in Singapore to meet the rising demand of stevia-based products. Also, beverage giants like PepsiCo and Coca-Cola are increasing the production of stevia-based beverages to produce zero-calorie soft drinks, which have become quite popular among the consumers.
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The major players in the global stevia market are PureCircle, Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, Tate & Lyle PLC, and Sunwin Stevia International, Inc, among others. The report provides the market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds of the major players.
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